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Assam govt takes over HPCL’s Nagaon & Cachar paper mills

The Assam government yesterday took over the assets of the Hindustan Paper Corporation Limited (HPCL) of Jagiroad and the Cachar Paper Mills at Panchgram. The Assam Industrial Development Corporation (AIDC)

The Assam government yesterday took over the assets of the Hindustan Paper Corporation Limited (HPCL) of Jagiroad and the Cachar Paper Mills at Panchgram.

The Assam Industrial Development Corporation (AIDC) was declared as the successful bidder and has taken over the assets of the Nagaon and Cachar paper mills.

AIDC MD Adil Khan and Moloy Ranjan authorised person of official liquidator Kuldeep Verma, signed an MoU in the presence of Assam industries minister Chandramohan Patowary and Principal Secretary Dr KK Dwivedi at the Nagaon Paper Mills.

Also Read: Assam CM confident of BJP’s victory in state’s 2 seats 

In the meantime, a team of AIDC officials also took over the assets of the Cachar Paper Mill as well.

An agreement was signed between the representatives of officers and supervisors’ associations and workers unions of the HPCL and the Assam government.

The relief package of Rs 700 crores was accorded approval in the cabinet meeting held on September 30 last year.

The Assam government paid the amount of Rs 375 crores and will be distributed by the liquidator as per the norms of the Insolvency and Bankruptcy Code.

The remaining amount of Rs 700 crores will be utilised in clearing the dues of employees and workers of HPC.

Meanwhile, Cabinet Minister Chandramohan Patowary thanked Chief Minister Dr. Himanta Biswa Sarma and expressed gratitude to all the stakeholders that after a long time, a perplexing issue has been finally resolved.


First Published: 29th March, 2022 12:54 IST



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